No sincere government will condole the bdc.

Let them continue beating around the bush.

Actually he has all the points. BDC in collaboration with CBN are the ppl messing up the country's currency. Naira will continue to depreciate as long as bcd and CBN sustain the business of naira-dollar exchange.

Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

Blaze14k:
When we tell people that the north is the problem of this country they become furious and attack. Look at most things that puts the economy and security of this country at risk it's mostly from the north. These people are highly corrupt and they can never change

FEAR NOT

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

SMH
Is it govt dollar? How e take concine you?
Na dollar saymake you lazy?

Good take @OP

Our defunct means for international transactions shouldn't be black market trades. Why can't banks supply forex at prevailing rates and in a transparent and traceable way to every day customers? This is the norm in most economies.
We could have travel agents or a few online money agents but rampant BDC use is an anomaly.

Kelklein:
You have a point.. the only problem is that even the Banks are crooked.. they get Dollar allocations too like the BDCs but they hoard instead of transacting with them..

The EFCC is trying to clean up the system of street-trading and we can only implore them to sustain the monentum.. it's going to be hard tho. They deserve some commendation for the little they have done esp in Zone4 Abuja.. that place used to be a free-for-all but there is some level of moderation now..

An analogy is almost like those that trade fuel on the road. It is those who need them and patronise them that are encouraging the trade. If nobody is buying, you won't see them on street.. but then you have to move your car from A to B and the fueling stations have endless queues or no fuel sometimes..

The wayout is to boost your foreign reserve via exports and productivity, and discourage the need for Dollars as much as possible.. Productivity is a double edged sword.. because it makes Items people would pay dollars to import available locally and earns you foreign exchange when you export excess to outside country...

the government only pay lip services to banning transactions in dollars in the country. People still pay their wards school fees in dollars.. The political class are still converting their loots into dollars on a daily basis.. the EFCC and NFIU needs to device a means to nip money laundering at source.. but again the Banks have not been helping..!

Nigeria is wild..

You are wild
Why beg govt to control your life
What has govt ever gotten right

Why doesn't govt stop street trading of food
Only buy food from designated govt shops

No wonder the country is the way it is with doofi like you two voting or getting into power and implementing stupid ideas

Nbkay23:
Let’s get the people to know what’s happening, the economy is failing we need solutions
(Moderators: MissyB3, Fynestboi)

Enter farm

Nbkay23:
very wrong on all ramifications, but n/l not ready to get this to front page

Why is it wrong?
You want them to work for free as your slaves?
Did anyone force you to patronise them.
Why not use 1000 to transport yourself to bank during working hours?

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

You won't see street trading of dollars in other countries? Who told u that?
Go to every airport they have them, here in UK almost major post office u see them.

Street trading didn't start today and it's not the cause of naira devaluation rather they don't receive it all time don't believe APC government

Nigeria is spending in dollars.Its not BDC,nor Binance. Its Nigeria problem.
Nigeria borrows in dollars how do u expect them to pay back? in naira. the large amounts borrowed is enough to weaken the naira.How would they pay back.
2. Nigeria is not exporting we import and what we spending is dollars.is there any thing being imported from overseas in naira. NO.
3.All the goverment spendings outside the country are in dollars.
4.we are looking for foreign investor what currency would our foreign investors use in invest. Still dollars.
The demand for dollar would be high.
The only solution is there was never a solution.
The US bank a world bank.Dollar is a dorminant currency traded globally.

First, you know nothing about BDC operations.
The claim that CBN sell dollars to BDCs which the sell some,hoard some and return to CBN to buy again is false.
Take it from me, there's no license BDC operator that hoard dollars anywhere in Nigeria.

Recall that on July 27, 2021 the PMB administration stopped the sale of USD to BDCs.Aa at that time, dollar was exchanging at ₦400/$1( fact check me). Immediately after that, there has been a progressive depreciation of the naira until February.
The naira started to gain ONLY when CBN announced the reintegration of the BDCs into the forex market. Worthy of note is, during the period which BDCs were stopped from bidding, their USD allocations were added to the banks, yet the naira kept depreciating.

The mere announcement of bringing back BDCs into the forex market instantly kickstart the naira appreciation. That shows you that the BDCs are major stakeholders in stabilizing the forest market if the CBN implement the right policies.

Prior to their integration, there were over 5,000 licensed BDCs but the CBN revoked the licenses of over 3,000 BDCs.
Now ask yourself, if it was difficult for 5,000 BDCs to service the general public, what do you think will happen when there are under 2,000 BDCs with the same or lesser allocations of USD?
The allocation to BDCs where twice per week as at 2021 but now it's once in three or four weeks and you expect the naira not to depreciate? You dey dream.

May I remind you that there's a difference between license BDC operators and currency traders (those you may refer to as aboki and others who trade along the street), knowing this distinctions will help you to make a better submission than what you penned here.

May I also bring to your notice that allocations to BDCs is for PTA and BTA ONLY and not for any other forex obligations. We know that Nigeria is an import dependent economy, hence what drives the value of USD is importers jostling for USD to meet their business needs as BDCs are not allowed to sell to importers except it's for PTA/BTA purpose only.

Furthermore, BDCs are bound by CBN regulation to render daily returns of their sale of USD sourced from CBN and in the absence of a bidding from CBN, they render a nil returns. You can't bid for USD from CBN if you haven't sold the previous ones you bidded.
Again CBN inspection teams visit registered BDCs quarterly to reconcile the returns from their ends.
Hence license BDCs are not the problem rather wrong policies by the CBN .

Nbkay23:
It’s no longer news how Dollar is skyrocketing in our Economy Nigeria Today, and the Devaluation of our Naira, well I’ll like to share my own 2percent on the situation.

Considering the fact that Nigeria only spends naira, But the availability of dollars to some, in the economy is Devastating. These are the Big business corps, BDC’s operators and Particularly the Government. The reason for our currency devaluation, here I’ll tell you now..I’m an economist and a part time forex trader, so believe it what I’m telling is true.

The Cbn exchange dollar thru the Bureau d change to the public, the way they do it, is By releasing Dollars to particular registered BDC traders as they claim, Dollars is released to this Individuals to sell to the General public daily, What these people do is, they sell at a particular rate and increase the rate so as to Have some dollars left in stock, By hoarding them, They come back to the bank next day and deposit naira, Saying Demand of Dollars is High, Next day collecting of dollars take place in the Bank again, the bank doesn’t have a choice than to increase the rate cos the rate of return is Low in Value, Definitely business has been done and profit has been made. The issue is Why can’t the CBN put a stop to Street Trading, Aboki’s calling people dollar, dollar on the streets and Devise a Means of Transaction using the Bank for Transparency while Dealing thru the Accounts of the BDC’s, this way you can avoid Laundering of money, illegal transactions and Consumption of Government funds, Most Politicians in Abuja prefer to use the Bureau d change cos it’s a seamless way of Transaction, No one can hold you, No amount is too much, Infact the bigger the amount the Better they friends with you. Street transaction of Dollars is still the same as Spending dollars in the economy. You won’t see other Countries allowing other currencies to be Transferable in the Streets, We have to put a stop to this Menace if we want to save this Country from Collapsing , Using Debts to hold the naira is not the way, Defunding the Banks of Dollar deposits is not the way, Defunding the crypto holders is not even the way, We have to let Transparency and Records take control of the Exchange system, Not in the streets, But banks. Slots can be made Available for Preferable BDC’s Vendors, And Stop Doing Business with the Economy

Below in this picture is a woman walking Pass the exchange Board in Tokyo Japan, You can Visibly see the chart

A very wrong and naive submission by the OP.
Read my submission above.
I'm here clear you if you have any doubt.
Thanks

jedisco:
Good take @OP

Our defunct means for international transactions shouldn't be black market trades. Why can't banks supply forex at prevailing rates and in a transparent and traceable way to every day customers? This is the norm in most economies.
We could have travel agents or a few online money agents but rampant BDC use is an anomaly.

ChenHao23:

A very wrong and naive submission by the OP.
Read my submission above.
I'm here clear you if you have any doubt.
Thanks

Crack on...

Las Las it MUST be stopped.

MemphitzDgreat1:
NIGERIA'S GDP SIZE — HOW BIG WAS THE ECONOMY?

1999 — $57.48 billion, 51st largest economy globally

2006 — $222.79 billion, 33rd largest economy
2007 — $262.22 billion, 34th largest economy

2009 — $297.46 billion, 32nd largest economy
2010 — $369.06 billion, 30th largest economy

2014 — $568.50 billion, 22nd largest economy
2015 — $492.44 billion, 24th largest economy

2022 — $477.38 billion, 32nd largest economy
*2023 — $374.95 billion, 42nd largest economy

*In 2024, Nigeria's economy is estimated at $252.74 billion, making it the 53rd largest economy.

source: Statisence

me: it's worthy to note, that from 2015-2024, the GDP dropped backward to the level of 2007. That is 17 years backward. do whatever you like with that Data.

My observation if these data is accurate, during PDP period there was GDP growth but during APC it's opposite.

To reduce the pressure on the naira.

Stewpid country!

You do not produce nothing.
You have druggie, forger and rigger as a president
and you expect the Zoogeria currency to gain?

I think you are mad

I have already propounded this theory about 4 months ago as one of the solutions to curb the menace of dollar racketeering in our economy.

Trillyonaire:
As recently as 2012, I could spend up to $40,000 in a year on my Naira card.

That covered most of my personal and some business fx needs

I can count how many times I purchased dollars then,

It was only to do transactions that needed wire transfers.

Now for even a $10 transaction I need to go and buy cash dollar and the banks are not giving that.

It's clear where most of the demand is from.

Let banks revert to what it was, it would even be easier for CBN to monitor FX usage that way

The blame trading is not going to fix anything. I remember changing dollars sent from abroad for about 80 naira with the same street traders during the military regime. Why is it all of a sudden in 2024 they've become the problem?

Can I send you a message sir